Industrial conglomerate San Miguel Corp (SMC) will spend US$750m to increase production and expand Northern Cement Corp's (NCC) exisiting capacity and construct new facilities.
According to SMC company’s president, Ramon S Ang, some US$250m will be used to increase capacity of NCC’s Pangasinan plant, while another US$250m will be used to build a new plant in Southern Luzon. The remaining $250m will be utilised for the new plant in the province of Cebu.
"SMC plans to put up more cement plants and become a dominant player in the cement industry," he added.
In the first quarte, SMC acquired a 35 per cent stake in NCC which is owned by SMC Chairman Eduardo Cojuangco, Jr.
